ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 50 instruments including FX majors, Gold, Silver, Copper, Oil, Natural Gas, Soybeans, Sugar ,Corn TNX and a number of Equity Indices from around the World. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Elliott Wave Setup videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions. The guidance of ElliottWave-Forecast gives subscribers the wherewithal to position themselves for proper entry and exit in the Forex marketplace. We believe our disciplined methodology is pivotal for long-term success in trading.
Platinum Futures: Long-Term Elliott Wave Analysis
Platinum is a metal which is used in jewelry, decoration and dental work. The metal and its alloys are also used for electrical contacts, fine resistance wires and medical / laboratory instruments. An alloy of platinum and cobalt is used to produce strong permanent magnets (chemicool.com). Other uses of the metal include cancer drugs, use in car airbags, personal hygiene and make up products, as a catalyst in hydrogen-powered fuel cell electric vehicles (FCEVs) and power generation. Today, we will take a look at long-term Elliott Wave Analysis and forecast of Platinum futures.
Platinum Futures Elliott Wave Analysis - Monthly Chart
Monthly chart below shows super cycle wave (I) completed in March 2008. Within super cycle wave (I), wave I completed at $652.8, wave II completed at $329.5, wave III completed at $1347, wave IV completed at $1053 and wave V at $2308.8. This was followed by a zigzag Elliott wave pull back to $562 which completed in March 2020. Metal rallied nearly for 11 months to reach a high of $1348.2 in February 2021 and is pulling back again. As far as pull back stays above March 2020 low, we expect the rally to resume for a new high above March 2008 or 1 more leg higher at least.
Platinum Futures Elliott Wave Analysis - Daily Chart
Chart below shows Elliott wave structure of the rally from March 2020 low. As the chart shows rally can be counted in 5 waves and completed at $1348.2 in February 2021. This has been labelled as wave I of (III). Since then it has been in a pull back and is currently showing 5 swings down within the pull back. While below $1011 and more importantly below $1145.2, expectations are for another swing lower towards $812.9 - $606.5 to complete 7 swings corrective pull back in wave II. As cycle from March 2008 peak has ended so our strategy remains to look for buying opportunities in the pull backs as far as prices stay above $562 low. Alternate view suggests, wave II pull back ended already at $892.6 and next leg higher has started. A break above $1011 will make the alternate view more likely to play out.
Source: https://elliottwave-forecast.com/commodities/platinum-futures-elliott-wave-analysis/